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FIRM ATTRIBUTES AND CORPORATE VOLUNTARY INFORMATION DISCLOSURE OF LISTED INDUSRIAL GOODSFIRMS IN NIGERIA
Get PDFThis study examines the impact of firm attributes on corporate disclosureby listed industrial goods firms in Nigeria over the period of 10 years (2010-2019). The study used census sampling technique to arrive at sample size of ten (15) industrial goods firms listed the floor of Nigerian Stock Exchange as at 31st December2019. Secondary data extracted from annual reports and accounts of the sampled firms and was analyzed using multiple regression. The regression result shows thatfirm size, profitability, leverage, age and auditor type has a positive and significant impact oncorporate information disclosure of the sampled firms, while liquidity and asset in place has positive and insignificant impact on corporate information disclosure. Based on the findings it is conclude that larger firms, profitable firms, more levered firm, older firm and company audited by big audit firms disclosed more information in their annual report and accounts. Therefore, the study recommends among other that theregulatory authorities should encourage companies to disclosure more information beyond the mandatory requirement
DETERMINANTS OF MARKET PRICE OF COMMON STOCK OF LISTED INDUSTRIALIZED FIRMS IN NIGERIA
Get PDFThis study explores the effect of the dividend payout ratio on the share price of listed industrialized firms' common stock in Nigeria. This study comprises sixty-three industrialized firms whose shares were listed on the Nigerian stock exchange between 2008 and 2019. Fifty-one firms have been used as a sample. Panel regression analysis was used to test the hypotheses of this study. The results showed that the dividend payout ratio, growth, and age significantly impacted the common stock market price. Also, leverage and firm size had a significant negative impact on the market price of the common stock. However, profitability has an insignificant impact on the market price of the common stock. Accordingly, this study concludes that the dividend payout ratio is essential for determining the common market price. It suggests that Nigeria's listed industrialized firms could restructure their dividend policies to the extent that the dividend payout ratio will be susceptible to shareholders' needs. It will promote more spending by shareholders (existing shareholders to retain their shareholding and invest in buying more shares when made available). It would help attract prospective investors to invest in the company's share, thus growing the wealth of existing shareholders
FOREIGN RESERVE ACCUMULATION AND MACRO ECONOMIC VARIABLES OF SUB-SAHARAN AFRICAN COUNTRIES
Get PDFThis study investigates the effect of foreign exchange reserves accumulation on economic stability proxied by inflation, unemployment, exports and GDP for a sample of 49 Sub-Saharan African countries for the periods 2009- 2018 using panel (longitudinal) fixed model. Findings from this study reveal that foreign exchange reserves have a significant negative effect on unemployment and inflation; however, it shows a significant positive effect on export and gross domestic product (GDP. To improve the overall economy of the listed sub-Saharan countries, the paper therefore recommends sub-Saharan African countries to adopt a mixture of investment friendly and direct unemployment reduction polices by reinvesting investible surplus into inflationary controllable and productivity boosting policies that will stimulate economic prowess rather than keeping this huge amount of resources redundant
EFFECT OF BANK SPECIFIC AND MACRO-ECONOMIC FACTORS ON NONPERFORMING LOANS OF LISTED DEPOSIT MONEY BANKS IN NIGERIA
Get PDFThe level of non-performing loan in Nigeria has being on the increase without adequate empirical evidence to explain or arrest this ugly situation. Credit risk is one of the prominent areas of focus both by the individual money deposit banks as well as the regulatory bodies. The risk of default is often associated with loan disbursement. Hence, this study considered the Impact of Bank specific and Macroeconomic factors on Nonperforming Loans in Nigeria from 2008-2020. The study made use of time series data obtained from the central bank of Nigeria statistical bulletin and disaggregated data collected from 12 quoted money deposit banks in Nigeria. Regression analysis was employed after all diagnostic tests have been well accounted for. The stata13 output revealed that capital adequacy ratio and lending rate has insignificant and significant negative impact on nonperforming loans respectively while, loan-deposit-ratio and crude oil price has insignificant and significant positive impact on nonperforming loans of the commercial banks. The study recommends diversification of loan portfolios, increase in prime lending rate among others
INTEREST RATE RESPONSES TO MONETARY POLICY COMMITTEE MEETINGS/COMMUNIQUE IN NIGERIA
Get PDFIn recent time the Central Banks cross the globe employ a range of avenues to communicate their monetary policy decisions and explain to financial markets and the general public the reason for their policy actions. This communication, in turn, gives signals to the financial markets regarding the future trajectories of governmental activities. This study therefore investigated the sensitivity of interest rate to MPC communication from 1st January, 2010 to 30th June, 2020 in Nigera. Series of test were carryout and EGARCH was chosen as the appropriate techniques in which dummy variable was used to capture the meeting days in the variance equation. Data of monetary policy were sourced from CBN website. The results of an EGARCH model show that the communications between Central Bank and the money market are considerably informative and therefore assist to reduce market interest rates' volatility. The study has so concluded that the communication from the Central Bank of Nigeria has an impact on the desired direction of interests. One policy implication of this conclusion is that it is clear enough about the desired policy orientation for the future that CBN communique substance of MPC meetings will guide the market in the proper way. This is consistent with the literature that if Central Bank opens the foundations for monetary policy implementation up to the markets, it raises the odds of controlling agents' expectations. Therefore the study recommends that the meeting should be sustained
FAIR VALUE UNOBSERVABLE INPUTS ON THE VALUE RELEVANCE OF LISTED DEPOSIT MONEY BANKS (DMBs) IN NIGERIA
Get PDFThis study addressed the influence of fair value of unobservable inputs on the interrelationship between the value relevance of listed DMBs in Nigeria. The sample is comprised of ten (10) listed deposit money banks (DMBs) in Nigeria for seven (7) years (between 2012 and 2018). Secondary data were obtained from the annual reports and accounts of the listed DMBs in Nigeria and the panel multiple regression technique of data analysis was employed as the tool for analysis. Results from the regression analysis revealed that there is positive significant relationship between fair value unobservable inputs, book value per share on the value relevance of accounting information. Based on the findings it is therefore recommended that management of listed deposit money banks should take cognizance of fair value inputs when preparing financial statements
WORKING CAPITAL MANAGEMENT AND PROFITABILITY OF LISTED HEALTHCARE FIRMS IN NIGERIA
Get PDFThis work examined the consequence of operational capital management on corporate performance in Nigerian listed manufacturing firms. Selected companies’ data were extracted for a period of seven years (2013-2019). Correlation research and multiple regressions were adopted as research design and technique of data analysis respectively. Result from the study indicated that inventory conversion cycle and average payment period effect on profitability; cash conversion cycle is connected amid profitability, and average collection period shows a negative insignificant association with profitability. Management is expected to generate worth for their shareholders by controlling the account receivable days and rising the accounts payment time and inventories to a realistic time ceiling. Resting on this basis, the work recommended that healthcare firms should advance their organization of stock so as to strap up fewer cash inventories
INCREMENTAL VALUE RELEVANCE OF IAS 41 IMPLEMENTATION AMONG OF LISTED AGRICULTURAL FIRMS IN NIGERIA
Get PDFThere has been a concern over absence of empirical works on value relevance of adoption of international accounting standard on agriculture. This paper examines the incremental value relevance of IAS 41 adoption on the value relevance of accounting information of listed agricultural firms in Nigeria. The study covered the period of sixteen years with eight years pre and eight years post adoption. The study also covered all the five listed agricultural firms in Nigeria. Using efficient market hypothesis as theory and OLS regression model as data analysis technique, the study found that the accounting numbers (BVPS, EPS and CASH) jointly explain the variation in SHP of listed agricultural companies in Nigeria for the period 2004 to 2019. However, the incremental coefficient of IAS 41 book value per share (BVP*DV) is statistically significant but it is negative which signifies there is decremental value relevance. Similarly, earnings per share (EPS*DV) is statistically significant and is positive which means that the adoption of IAS 41 had led to incremental value relevance. However, cash flow per share is not statistically significant signifying that it has no any incremental value relevance as a result of changes caused by the adoption of IFRS. The study recommends that there is the need for through examination of other proxies of accounting numbers, such as management of income and recognition of loss to understand more the impact of IAS 41 adoption
EFFECT OF FIRM SIZE ON EXPECTED RETURNS OF LISTED COMPANIES IN NIGERIA CAPITAL MARKET
Get PDFOver the years, Nigeria capital market has experienced persistent decrease in performance. Investment decision is one of the key corporate decisions that affect firm financial performance. This study investigated the effect of firm size on expected returns of listed companies in Nigeria. The population of the study is all the listed companies in Nigeria. Adjusted population of 103 companies was used for data analysis. The period of the study is between 2010 and 2018. Monthly stock data were extracted from Bloomberg. Cross sectional regression and z-test technique were used as technique for data analysis. The outcome from the regression revealed that firm size has positive significant relationship with expected returns. The z-test analysis revealed that larger size firms have higher return than smaller size firms. The outcome was consistent with product life cycle theory. It was recommended that companies increase firm size by adopting profit maximization policy and issuing more equity
INHERITANCE MANAGEMENT AND ACCOUNTABILITY: A CASE STUDY OF Z AND S INHERITANCE COMMITTEE IN LAGOS OF NIGERIA
Get PDFAlthough the unprecedented level of unclaimed inheritance attracted the attention of legal and religious scholars across Muslim majority countries, concern over inheritance, however, took a global dimension when Musawah, a feminist movement began a deliberate misrepresentation of accountability in Islamic inheritance. This paper, therefore, investigated the administrative capacity, the perceived level of accountability and the challenges faced by a Lagos based Shari’ah compliant inheritance distribution committee. To actualise these objectives, a case study approach was adopted using semi-structured interview for data collection. The findings suggest perceived reasonable level of accountability by the Shari’ah based distribution approach, the need for a committee with full time, the need to create awareness on importance of Will preparation and the need for probate service at Area courts. The study contributes to the existing literature on accountability through application of Khalifah concept to explain issue of accountability in Islamic inheritance. Apart from serving as a call for legal reformation and a guide to future researchers, the result should help members of committees on inheritance in all geo-political regions of the Nigeria